LONDON: The prospect of Britain realigning its financial rules with the European Union has passed, and the country should avoid linking its regulations to any single jurisdiction, the ambassador for London’s financial services sector told Reuters.
Nearly a decade after Brexit, newly appointed Lady Mayor of London Susan Langley said that while maintaining dialogue with the EU remained important — particularly on defence — Britain should work with all nations that share its values and respect the rule of law.
Langley, born in London’s historically working-class East End, is the third woman to hold the centuries old, year long role, and the first to use the title ‘Lady Mayor’.
“We’ve still got huge alignment with Europe, cash flows between us are huge... Would we ever go back in terms of regulation? I think we’ve moved away from that,” she said.
Debate over closer regulatory alignment has resurfaced after Prime Minister Keir Starmer signalled a more cooperative approach with Brussels. Many in the City, however, argue the UK should use its post Brexit freedoms to adopt rules tailored to domestic priorities.
CRIME SLURS ‘JUST NOT TRUE’
Ahead of the World Economic Forum in Davos, Langley said she would champion London’s financial hub and counter misconceptions about the city, including perceptions about crime. Figures including US President Donald Trump have portrayed London as unsafe, but Langley said “that’s just not true.”
Langley, who took office in November, said London was a great place for women to build a career, citing her own path from the East End to chair of insurer Gallagher and now Lady Mayor. While diversity matters, she does not support regulatory diversity targets.She acknowledged that harassment occurs, but said she believes its prevalence is overstated.
